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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of carrying amount and fair value of long-term debt instruments
Long-term debt is as follows:
 
 
December 31, 2017
 
 
December 31, 2018
 
 
Debt (inclusive of discount)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
 
 
Debt (inclusive of discount)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
Revolving Credit Facility(1)
 
466,593

 
(14,407
)
 
452,186

 
466,593

 
 
793,832

 
(14,117
)
 
779,715

 
793,832

Term Loan A(1)
 
243,750

 
—

 
243,750

 
243,750

 
 
240,625

 
—

 
240,625

 
240,625

Term Loan B(1)(2)
 
—

 
—

 
—

 
—

 
 
693,169


(8,742
)

684,427

 
660,013

Australian Dollar Term Loan (the "AUD Term Loan")(3)(4)
 
187,504

 
(3,382
)
 
184,122

 
189,049

 
 
233,955

 
(3,084
)
 
230,871

 
235,645

UK Bilateral Revolving Credit Facility ("UK Bilateral Facility")(4)
 
—

 
—

 
—

 
—

 
 
178,299


(2,357
)

175,942

 
178,299

43/8% Senior Notes due 2021 (the "43/8% Notes")(5)(6)(7)
 
500,000

 
(5,874
)
 
494,126

 
507,500

 
 
500,000

 
(4,155
)
 
495,845

 
488,750

6% Senior Notes due 2023 (the "6% Notes due 2023")(5)(6)
 
600,000

 
(6,224
)
 
593,776

 
625,500

 
 
600,000

 
(5,126
)
 
594,874

 
606,000

53/8% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(5)(7)(8)
 
199,171

 
(3,295
)
 
195,876

 
208,631

 
 
183,403

 
(2,506
)
 
180,897

 
186,154

53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(5)(6)
 
1,000,000

 
(9,156
)
 
990,844

 
1,012,500

 
 
1,000,000

 
(7,782
)
 
992,218

 
940,000

3% Euro Senior Notes due 2025 (the "Euro Notes")(5)(6)(7)
 
359,386

 
(4,691
)
 
354,695

 
364,776

 
 
343,347

 
(4,098
)
 
339,249

 
321,029

37/8% GBP Senior Notes due 2025 (the "GBP Notes due 2025")(5)(7)(9)
 
539,702

 
(7,718
)
 
531,984

 
527,559

 
 
509,425

 
(6,573
)
 
502,852

 
453,811

53/8% Senior Notes due 2026 (the "53/8% Notes")(5)(7)(10)
 
250,000

 
(3,615
)
 
246,385

 
256,875

 
 
250,000

 
(3,185
)
 
246,815

 
224,375

47/8% Senior Notes due 2027 (the "47/8% Notes")(5)(6)(7)
 
1,000,000

 
(13,866
)
 
986,134

 
1,000,000

 
 
1,000,000

 
(12,442
)
 
987,558

 
855,000

51/4% Senior Notes due 2028 (the "51/4% Notes")(5)(6)(7)
 
825,000

 
(11,817
)
 
813,183

 
826,031

 
 
825,000

 
(10,923
)
 
814,077

 
713,625

Real Estate Mortgages, Capital Leases and Other(11)
 
649,432

 
(566
)
 
648,866

 
649,432

 
 
606,702

 
(171
)
 
606,531

 
606,702

Accounts Receivable Securitization Program(12)
 
258,973

 
(356
)
 
258,617

 
258,973

 
 
221,673

 
(218
)
 
221,455

 
221,673

Mortgage Securitization Program(13)
 
50,000

 
(1,273
)
 
48,727

 
50,000

 
 
50,000

 
(1,128
)
 
48,872

 
50,000

Total Long-term Debt
 
7,129,511

 
(86,240
)
 
7,043,271

 
 

 
 
8,229,430

 
(86,607
)
 
8,142,823

 
 
Less Current Portion
 
(146,300
)
 
—

 
(146,300
)
 
 

 
 
(126,406
)
 
—

 
(126,406
)
 
 

Long-term Debt, Net of Current Portion
 
$
6,983,211

 
$
(86,240
)
 
$
6,896,971

 
 

 
 
$
8,103,024

 
$
(86,607
)
 
$
8,016,417

 
 

______________________________________________________________
(1)
The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of most of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC ("Canada Company") has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2017 and 2018, respectively.

(2)
The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $1,581 as of December 31, 2018.
(3)
The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,545 and $1,690 as of December 31, 2017 and 2018, respectively.
(4)
The fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.
(5)
The fair values (Level 1 of fair value hierarchy described at Note 2.s.) of these debt instruments are based on quoted market prices for these notes on December 31, 2017 and 2018, respectively.
(6)
Collectively, the "Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by IMI's direct and indirect 100% owned United States subsidiaries that represent the substantial majority of our United States operations (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. See Note 5.
(7)
The 43/8% Notes, the CAD Notes due 2023, the Euro Notes, the GBP Notes due 2025, the 53/8% Notes, the 47/8% Notes and the 51/4% Notes (collectively, the "Unregistered Notes") have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the Unregistered Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction.
(8)
Canada Company is the direct obligor on the CAD Notes due 2023, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5.
(9)
Iron Mountain (UK) PLC ("IM UK") is the direct obligor on the GBP Notes due 2025, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5.
(10)
Iron Mountain US Holdings, Inc. ("IM US Holdings"), one of the Guarantors, is the direct obligor on the 53/8% Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the other Guarantors. These guarantees are joint and several obligations of IMI and such Guarantors. See Note 5.
(11)
Includes (i) real estate mortgages of $20,183 and $18,576 as of December 31, 2017 and 2018, respectively, which bear interest at approximately 4.3% as of December 31, 2017 and 4.1% as of December 31, 2018 and are payable in various installments through 2021, (ii) capital lease obligations of $436,285 and $447,173 as of December 31, 2017 and 2018, respectively, which bear a weighted average interest rate of 4.9% at December 31, 2017 and 5.7% at December 31, 2018, and (iii) other notes and other obligations, which were assumed by us as a result of certain acquisitions, of $192,964 and $140,953 as of December 31, 2017 and 2018, respectively, and bear a weighted average interest rate of 11.2% at December 31, 2017 and 11.1% at December 31, 2018, respectively. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
(12)
The Accounts Receivable Securitization Special Purpose Subsidiaries are the obligors under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
(13)
The Mortgage Securitization Special Purpose Subsidiary is the obligor under this program. We believe the fair value (Level 3 of fair value hierarchy described at Note 2.s.) of this debt approximates its carrying value.
Schedule of redemption dates and prices of the senior or senior subordinated notes
The following table presents the various redemption dates and prices of the senior or senior subordinated notes. The redemption dates reflect the date at or after which the notes may be redeemed at our option at a premium redemption price. After these dates, the notes may be redeemed at 100% of face value:
Redemption Date
 
43/8% Notes June 1,
 
6% Notes due 2023
August 15,
 
CAD Notes due 2023
September 15,
 
53/4% Notes
August 15,
 
Euro Notes
January 15,
 
GBP Notes
due 2025
November 15,
 
53/8% Notes June 1,
 
47/8% Notes
September 15,
 
51/4% Notes
March 15,
 
2019
 
101.094
%
(1)
102.000
%
(1)
104.031
%
(1)
100.958
%
(1)
—

 
—

 
—

 
—

 
—

 
2020
 
100.000
%
 
101.000
%
 
102.688
%
 
100.000
%
 
101.500
%
(1)
101.938
%
(1)
—

 
—

 
—

 
2021
 
100.000
%
 
100.000
%
 
101.344
%
 
100.000
%
 
100.750
%
 
100.969
%
 
102.688
%
(1)
—

 
—

 
2022
 
—

 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
101.792
%
 
102.438
%
(1)
102.625
%
(1)
2023
 
—

 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
100.896
%
 
101.625
%
 
101.750
%
 
2024
 
—

 
—

 
—

 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
100.813
%
 
100.875
%
 
2025
 
—

 
—

 
—

 
—

 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
100.000
%
 
2026
 
—

 
—

 
—

 
—

 
—

 
—

 
100.000
%
 
100.000
%
 
100.000
%
 
2027
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
100.000
%
 
100.000
%
 
2028
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
100.000
%
 
_______________________________________________________________________________

(1)
Prior to this date, the relevant notes are redeemable, at our option, in whole or in part, at a specified redemption price or make-whole price, as the case may be.
Schedule of maturities of long-term debt
Maturities of long-term debt (gross of discounts) are as follows:
Year
 
Amount
2019
 
$
126,406

2020
 
381,741

2021
 
583,759

2022
 
447,153

2023
 
1,800,128

Thereafter
 
4,893,514

 
 
8,232,701

Net Discounts
 
(3,271
)
Net Deferred Financing Costs
 
(86,607
)
Total Long-term Debt (including current portion)
 
$
8,142,823
Schedule of leverage and fixed charge ratios
Our leverage and fixed charge coverage ratios under the Credit Agreement as of December 31, 2017 and 2018, as well as our leverage ratio under our indentures as of December 31, 2017 and 2018 are as follows:
 
December 31, 2017
 
December 31, 2018
 
Maximum/Minimum Allowable
Net total lease adjusted leverage ratio
5.0

 
5.6

 
Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio
1.6

 
2.6

 
Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted)
5.8

 
5.8

 
Maximum allowable of 6.5-7.0(1)(2)
Fixed charge coverage ratio
2.1

 
2.2

 
Minimum allowable of 1.5
______________________________________________________________
(1)
The maximum allowable leverage ratio under our indentures for the 47/8% Notes, the GBP Notes due 2025 and the 51/4% Notes is 7.0, while the maximum allowable leverage ratio under the indentures pertaining to our remaining senior and senior subordinated notes is 6.5. In certain instances as provided in our indentures, we have the ability to incur additional indebtedness that would result in our bond leverage ratio exceeding the maximum allowable ratio under our indentures and still remain in compliance with the covenant.
(2)
At December 31, 2017, a portion of the net proceeds from the 51/4% Notes, together with a portion of the net proceeds of the Equity Offering (as defined in Note 12), were used to temporarily repay approximately $807,000 of outstanding indebtedness under our Revolving Credit Facility until the closing of the IODC Transaction, which occurred on January 10, 2018 (as described in Note 6). The bond leverage ratio at December 31, 2017 is calculated based on our outstanding indebtedness at this date, which reflects the temporary payment of the Revolving Credit Facility.